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home / news releases / BBIG - Crypto stocks quickly reverse lower as bitcoin erases some gains

BBIG - Crypto stocks quickly reverse lower as bitcoin erases some gains

Vinco Ventures Inc Com
A large basket of crypto stocks including Marathon Digital (NASDAQ:MARA), Hut 8 Mining (NASDAQ:HUT), Bitfarms (NASDAQ:BITF), MicroStrategy (NASDAQ:MSTR), slide into negative territory on Monday as bitcoin (BTC-USD) attempts to break out of mid-April levels, but quickly reverses lower to a trough of $61.7K before recovering back over $63K. Bitcoin (BTC-USD) is slightly up on the day, up nearly 9% in the past five sessions, and +430% Y/Y, as per the chart below.  Perhaps the rapid rise and fall of bitcoin (BTC-USD) intra-day is likely attributed to the much-awaited ProShares Bitcoin Strategy ETF (BITO), which is very highly correlated with the price of BTC, starting trading on the same day. This is considered a big deal in the crypto community because it's the first bitcoin (BTC-USD) ETF that has been approved by the Securities and Exchange Commission to get listed as a publicly traded security; note that the fund doesn't directly

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Crypto stocks quickly reverse lower as bitcoin erases some gains
Stock Information
Company Name: Vinco Ventures Inc Com
Stock Symbol: BBIG
Market: OTC
Website: xspandproductslab.com
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